Although it might seem to be just another expense to get your company the right business insurance, it surely protects you from heavy costs in case your business is sued, an employee gets injured or something else happens to your business.
It’s always better to run a business with the right type of basic business insurance in Singapore that protects your company from all the prospective risks.
Here are the considerations you must take while choosing the right type of corporate insurance for your business.
Key types of business insurance you can choose from:
How to Choose the Right Type of Insurance for Your Business?
Analyze your legal responsibilities and business assets
Perform a detailed evaluation of your business and assets to find out what exactly you want to insure. What commercial insurance in Singapore are you legally required to have and where exactly your additional liabilities are positioned?
Each business has different insurance requirements and business owners must do an assessment of their legal responsibilities before purchasing any corporate insurance. InsurTech platforms in Singapore offer great tools for such analysis.
Analyze your risks
A corporate insurance cover is provided after evaluating the risk capacity of the applicant, or else, the insurer cannot determine that they can cover your business or not. They will evaluate the level of risk that your business is exposed to and review whether they can offer all or a part of the coverage applied for.
Every insurance policy has a premium and deductible. “Premium” is an amount you pay to avail insurance benefits, and the “deductible” is a predefined amount that you decide to pay at the time of claim.
If you cut down the deductible you pay then, you pay a higher insurance premium. After you evaluate your potential risks, you can plan if you can pay a higher deductible or not so that you can save on your yearly premiums.
Find out how customized you want your insurance to be:
As you finalize what you want to insure, you might require basic or more customized business insurance that covers all vital aspects of the prospective losses. So, you must understand how expensive these unexpected business risks and losses would be and after that evaluate the possibility of it happening.
Research and speak with prospective business insurance companies:
All corporate insurance providers in Singapore aren’t the same. Policies, “premiums”, “deductibles”, and coverage might vary, so you need to perform some research to find and choose the right one to protect your business. Make sure you shortlist multiple options to choose the best fit for your insurance needs.
Trust top-rated insurance agencies
Finding an experienced and top-rated insurance agency is vital to maximize your business insurance benefits. Look for an insurance agency that has experience in your domain and a solid reputation. Additionally, having a top-rated insurance agency with knowledge about your domain will have your back and will augment your research to make sure you didn’t miss any vital point.
Choose a Suitable Plan
Before choosing a plan make sure you have accounted for your business insurance needs considering the company size, total number of employees, total sales, earnings, losses, potential risks, and have discussed your risk profile with a prospective insurer. Now you can look at the available plans and choose the best suitable plan as per your risk and need analysis. Eventually, the insurance company will tailor a customized corporate insurance plan for you.
Every business has different corporate insurance needs, considering the industry and nature of the business. So, make sure that you consult with your insurance company frequently to assess your potential risks and that your business gets all the protection it requires.